10 Earnings for < bachelor s degree workforce not keeping up w/ housing costs in Austin Housing Affordability ($) by Educational Attainment Bachelor s degree or higher Some college or associate s degree All workers 1,377 1,359 Austin Metro 1,614 Austin City 1,770 Austin Downtown 2,322 2,140 Max. monthly housing cost at average earnings Median rent High school diploma or equivalent 1,149 No high school diploma 944 Source: Zillow Rent Index (ZRI), All Homes (SFR, Condo/Co-op), August ZRI is the median of the estimated rent price for all homes in a given region. ZRI may not reflect actual listings at any given point in time. Maximum monthly housing cost is calculated as 30% of average earnings by educational attainment from U.S. Census Bureau, Quarterly Workforce Indicators, Longitudinal-Employer Household Dynamics Program, 2013Q3. Data is for Austin-Round Rock MSA. 10

12 Average monthly earnings for workers with a bachelor s degree or higher in Austin increased by $166 during Median monthly rent in city of Austin increased by $331. Source: Zillow Rent Index (ZRI), All Homes (SFR, Condo/Co-op), August 2011-August ZRI is the median of the estimated rent price for all homes in a given region. ZRI may not reflect actual listings at any given point in time. Average earnings are from U.S. Census Bureau, Quarterly Workforce Indicators, Longitudinal-Employer Household Dynamics Program, 2011Q3-2013Q3. Earnings data is for Austin-Round Rock MSA. ZRI rent estimate is for city of Austin. Not adjusted for inflation. 12

17 Middle-wage jobs are smaller share but keeping pace with overall job growth Job Growth by Wage Range in Austin, Occupation Average Wage 2013 Jobs 2014 % Total 2014 Change Growth Low-wage per hr 292,732 32% 47,016 19% Middle-wage ,807 26% 31,562 16% High-wage per hr 384,992 42% 57,242 17% Total ** 910, % 135,820 18% Source: EMSI, Data Release. Excludes self-employment. Data is for Austin-Round Rock MSA and includes all jobs for which average wage data was available. Average wage is the mean wage (2013) for all jobs classified by occupation i.e. all jobs per occupation were assigned to one category based on the average wage. Calculations using median wage by occupation or other breaks could yield different results. Wage categories are from the National Employment Law Project. 17

18 We have more Ph.D. taxi drivers than anywhere else in America (underemployment). 18

24 California is big but majority of people moving to Austin come from Texas 5,000 Households Moving to Austin from California 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, Texas 288,868 California 39,886 Florida 9,163 25,274 moved Austin to CA Source: Internal Revenue Service. Includes only people filing federal tax returns. Number of returns used as proxy for number of households. Actual number of households may be different. Data is for Austin-Round Rock MSA. 24

25 110 people move to Austin every day. 25

26 It really doesn t matter. It s a lot. 26

27 But if you must know: Austin MSA: 2011 (latest available) 201 moved in 147 moved out +54 net Source: Internal Revenue Service. Includes only people filing federal tax returns. Number of exemptions reported on tax returns used as proxy for number of people. Actual number of people may be different. Data is for Austin-Round Rock MSA. 27

28 What should we do about all of this? Celebrate Stop comparing Austin to New York, San Francisco, and Washington DC Educate people about urban core vs. periphery markets 28

29 What should we do about all of this? Support and invest in career and technical education Pay equal attention to supply and demand sides of Austin s affordability challenge Advocate for publicly-funded Austin research program 29

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